Quote of the Day
"Long tails drive everything. They dominate business, investing, sports, politics, products, careers, everything. Rule of thumb: Anything that is huge, profitable, famous, or influential is the result of a tail event."
(Morgan Housel)
Chart of the Day
The YTD 60/40 portfolio returns are historically bad, but not as bad as they were through June. (via @charliebilello)
Markets
- Forward earnings estimates are coming down. (tker.co)
- Was the June bottom THE bottom? (awealthofcommonsense.com)
Companies
- What is Amazon's ($AMZN) best acquisition to-date? (trungphan.substack.com)
- A big leadership transition at Charles Schwab ($SCHW) is underway. (riabiz.com)
Trading
- CItadel has lost a battle with IEX over an order type. (bloomberg.com)
- FTX US is planning to launch stock options trading. (theblock.co)
Policy
- Allison Schrager, "Globalization is far from perfect, but on balance it does make our lives better." (bloomberg.com)
- Employment near retirement age is more cyclically sensitive. (papers.ssrn.com)
- America wastes money on a lot of stuff, but education isn't one of them. (noahpinion.substack.com)
- Fire departments are putting themselves out of business. (neddonovan.substack.com)
- Misinformation is big business. (nytimes.com)
Economy
- Inventory liquidators are busy. (nytimes.com)
- The stock market is betting the Fed is already looking at the end. (tker.co)
- How many Covid long haulers are out of the work force? (npr.org)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)
